Northland Power Inc. Declares Cash Distribution for August 2015, Payable on Sept. 15, 2015
Aug 14 15
Northland Power Inc. has declared cash distribution of $0.09 per share for August 2015. Shareholders of record of a fund on August 31, 2015 will receive cash distributions payable on Sept. 15, 2015.
Northland Power Inc. Announces Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Year 2015
Aug 13 15
Northland Power Inc. announced consolidated unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported sales of CAD 167,289,000 against CAD 169,945,000 a year ago. Operating income was CAD 59,503,000 against CAD 50,397,000 a year ago. Net income was CAD 140,281,000 against net loss of CAD 91,845,000 a year ago, was primarily due to the non-cash fair value gains associated with Northland's derivative contracts (CAD 168.9 million gain in the second quarter of 2015 versus a CAD 130.4 million loss in the second quarter of 2014). Adjusted EBITDA was CAD 91,370,000 against CAD 81,452,000 a year ago. Cash provided by operating activities was CAD 88,237,000 against CAD 166,064,000 a year ago, primarily due to the timing of payables, receivables and deposits partially offset by favorable operating results. Adjusted EBITDA increased primarily due to overall favorable results from Northland's operating facilities.
For the six months, the company reported sales of CAD 368,885,000 against CAD 399,369,000 a year ago. Operating income was CAD 133,819,000 against CAD 134,406,000 a year ago. Net income was CAD 109,665,000 against net loss of CAD 63,269,000 a year ago. Adjusted EBITDA was CAD 188,503,000 against CAD 183,549,000 a year ago, was primarily due to the non-cash fair value gains associated with Northland's derivative contracts. Cash provided by operating activities was CAD 207,849,000 against CAD 217,452,000 a year ago. Sales were lower compared to the prior year due to contributions from Thorold and North Battleford and non-recurring natural gas resale margins earned during the first quarter of 2014. Adjusted EBITDA was higher than the prior year primarily due to: (i) favorable results from Northland's renewable facilities (CAD 10.6 million); (ii) the write-off of deferred development costs in 2014 (CAD 5.2 million); (iii) interest earned on Northland's portion of the Gemini subordinated debt (CAD 4.9 million); and (iv) a CAD 1.6 million increase in contributions from Iroquois Falls.
The company management continues to expect adjusted EBITDA in 2015 to be approximately CAD 380 to CAD 400 million, guiding towards the lower end of the range in the event that the Ontario Electricity Financial Corporation does not provide for recalculated payments in 2015 pursuant to the power producers' successful court decision against OEFC in March 2015. The OEFC has appealed the decision and asked that the power producers relieve it of the requirement to adjust payments for the period of time since the court's decision pending the results of the appeal. The power producers have declined and await the OEFC's response.
Northland Power, Siemens Financial Services, Van Oord and N.V. HVC Announce Update on Gemini Offshore Wind Project
Jul 8 15
Northland Power Inc. announced that the first steel foundation, or monopile, for the 600MW Gemini offshore wind project located in the North Sea, was successfully installed on schedule on July 1, 2015. Installation activity is now progressing quickly, with 7 monopiles installed. The monopiles, which are being installed by the project's EPC contractor, Van Oord Dredging and Marine Contractors BV (Van Oord), have each been designed for their specific location in the wind farm. Depending on sea depth, the monopiles vary in length from 59 to 73 metres. They each have a diameter of approximately 7 meters, and wall thicknesses of 7 to 11 centimetres. Once construction is complete, Gemini will be comprised of 150 wind turbines, each mounted on a monopile foundation; Siemens will supply and erect the turbines. The wind farm encompasses two 34 square kilometer areas and is located 85 kilometers off the coast of Groningen in the Netherlands. Invisible from the coast, the project will generate energy in the part of the North Sea where wind speeds are among the best in the world for offshore wind power. The project is owned by Northland Power (60%), Siemens Financial Services (20%), Van Oord (10%) and N.V. HVC (10%). During the three-year construction period, an estimated 500 people will work on Gemini. The wind farm is expected to be fully operational by 2017, and will generate clean and renewable energy for 1.5 million people in the Netherlands.